den 17 juli 2015

Important legal information

Electrolux Q2/15 figures beats estimates

Electrolux reported strong Q2/15 figures and forecast growth. The corporate data of Europe’s biggest appliance maker were, according to analysts above market expectations. Electrolux achieved 7% growth in Q2 and all business areas contributed positively. Especially North America reported good organic growth. Whereas Q2/14 was heavily loaded with restructuring costs, operating income now rose to 921 Mio SEK (compared to 63 Mio SEK last year). Analyst average expectation was 800 Mio SEK. According to the CEO Keith McLoughlin, Electrolux has turned around the European business to a profit of 426 Mio SEK. Driver of this success was an increase in sales of its premium brands as well as built-in kitchens. Furthermore, the company referred to expected cost savings of roughly 300 Mio SEK in Q3/15. According to Bloomberg, the company said “2015 may be the year that smart appliances finally take off after years of false starts.” Some clouds could appear with regards to Electrolux’s USD 3,3 Bn GE deal. In September 2014 already, Electrolux announced an agreement with General Electric to acquire the appliance business of GE which now faces a lawsuit from the US Justice Department to resign from the deal due to competition reasons.



2022-12-05 22:53:56